Korean steel maker Posco (PKX, PIDD.IL) plans to buy a stake in European steel giant ArcelorMittal's (MT) ArcelorMittal Mines Canada Inc, Bloomberg reported, quoting Chung Jae Woong, a Seoul-based spokesman of Posco. The size of the purchase was not known.
Meanwhile, The Maeil Business Newspaper said Posco would buy a 15 percent stake in the mine for $1.1 billion.
Yonhap News said a group, which includes Posco and China Steel Corp., would buy the stake for $1.1 billion. While China Steel will invest $540 million, Posco will put in $270 million, the report added.
ArcelorMittal is said to be considering the sale of 30 percent of its Canadian iron ore unit. The unit has annual output of around 15 million metric tons of iron ore concentrate and 9 million tons of iron oxide pellets.
The subsidiary operates two mines, producing around 40 percent of Canada's iron ore output.
ArcelorMittal last month said it expects to take about $4.3 billion as non-cash impairment charge in the fourth quarter, related to a write down of goodwill in its European businesses, amid a weaker macro economic and market environment.
In October, ArcelorMittal slashed its dividend, after reporting a loss for the third quarter, as steel shipment volumes fell and revenues declined, amid a slowdown in China. The company's board reduced the annual dividend payment to $0.20 per share from $0.75 per share in 2012, citing the challenging global economic conditions and the priority to cut debt.
MT closed up 3.7 percent at $17.47 on Monday.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.